MBA Releases White Paper Outlining Fundamental Data Management Concepts for the Real Estate Finance Industry

The Mortgage Bankers Association's (MBA) Residential Technology Steering Committee (RESTECH) today released a white paper that details the key fundamental concepts of industry data management, one of the most important components in the mortgage banking process. The goal of the paper is to provide an overview of fundamental strategies for assessing and improving overall data management practices while also providing measurement benchmarks and references.

'MBA is committed to leveraging technology to improve industry processes while mitigating future market challenges,' said Robert E. Story, Jr., CMB, MBA's Vice Chair and Chairman of MBA's Board of Directors Technology Steering Committee (BODTECH). 'Data management is a key component of the mortgage supply chain. This paper provides a solid framework that provides a tool to help our industry improve the quality of data management practices.'

The practice of data management was created to enhance transparency and ensure that stakeholders in the mortgage process can have confidence in the data assets that they utilize to make business decisions. The paper recommends that data be treated as a strategic asset that can be relied upon as an informal source for these stakeholders. The paper suggests that enterprise data needs to be managed throughout its entire lifecycle through a comprehensive program rather than simply being stored in a single data warehouse and used solely as a repository for data collection.

The paper reviews the following areas of data management programs as they relate to industry best practices:

Data Governance
Data Stewardship
Data Quality
Data Architecture
Data Standards
Data Security

To obtain a copy of the MBA RESTECH white paper, please go to http://www.mortgagebankers.org//files/AboutMBA/DataManagementWhitePaper.pdf